A chartered accountant (CA) in Surat is facing accusations of allegedly usurping a client's business in a fraud estimated at ₹18 crore. Details surrounding this specific case are still emerging, but it is part of a concerning trend of financial impropriety involving CAs in the region.
In a separate incident earlier this year, another CA in Surat was allegedly defrauded of ₹1.13 crore by a fellow CA. The accused reportedly lured the victim and his family members with promises of high returns through a fake portfolio management service. The accused established multiple firms to execute the scam and allegedly shut down the online portals used for investments, preventing the victim from accessing his funds. When the victim, Narendra Bathani, demanded his money back, the accused, Marshal Sarkhedi, allegedly threatened and abused him. Bathani filed a police complaint at the Kapodra police station. Investigations revealed that Sarkhedi had urged Bathani to invest in another firm, Equuital Delta LLP, where Sarkhedi's parents and wife were listed as partners. Over four years, Bathani, along with his relatives, invested a total of ₹1.13 crore in various firms controlled by Sarkhedi and his family. When the investments grew to ₹1.55 crore and Bathani requested a withdrawal, Sarkhedi allegedly avoided providing any concrete answers. Police have arrested Marshal Sarkhedi, and it is estimated that the total amount of the fraud could reach ₹25 crore, with over 100 people, including more than 35 CAs, potentially affected.
In another case, a Surat-based CA was cheated of ₹1 crore in a bank account conversion scam. The CA, Bhavik Patel, was approached by Harish Sisara, who offered to help convert cash into bank entries for Patel's client, Ragini Bipinchandra Sevakarya Trust, which had received a ₹1 crore cash donation. Sisara, along with Dinesh Patel, a manager at an angadia firm, allegedly assured Patel of the transaction but ultimately absconded with the money.
These incidents have prompted responses from the chartered accountancy body, ICAI, which has clarified instances where individuals falsely claim to be CAs. In one case, a person arrested for bribery in Surat claimed to be a CA, but ICAI confirmed that he was not registered with the institute. ICAI has urged the public to verify the credentials of individuals claiming to be CAs and has called for stricter penalties against those who falsely represent themselves as members.
Additionally, in a separate case highlighting the scale of financial fraud in Surat, eight officials from RBL Bank were arrested for their alleged involvement in a ₹1,550 crore cyber fraud. These officials are accused of bypassing mandatory checks to open 62 fake current accounts for cybercriminals, allegedly accepting bribes ranging from ₹20,000 to ₹1 lakh per account. The cyber fraud network has been linked to international entities in Cuba, China, Malaysia, and Thailand.
These instances underscore the importance of vigilance and stringent oversight in financial dealings, especially when dealing with substantial sums of money.
